Tezos (XTZ) one of the most promising cryptocurrencies in the market surged by 33% after Coinbase decided to introduce XTZ staking rewards.
Users would be able to earn staking rewards on every Tezos (XTZ) they held on Coinbase. This is currently available to eligible US customers on the platform.
Tezos Surges By 33%
During the last few hours, Tezos became the largest gainer cryptocurrency among the top 85 coins. The announcement made by Coinbase was a strong catalyst for crypto users to purchase this digital asset.
With the new staking solution provided by Coinbase, users will be able to earn income with the cryptocurrencies earn by participating in the network. Users that are involved in staking activities make the underlying blockchain of this specific asset more secure and efficient.
The official Coinbase announcement reads as follows:
“With today’s launch, Coinbase is offering an easy, secure way for anyone to actively participate in the Tezos network. While it’s possible to stake Tezos on your own or via a delegated staking service, it can be confusing, complicated, and even risky.”
Users can start earning rewards on their crypto with an estimated annual return for Tezos staking on Coinbase of around 5%. Users will see their pending rewards increase in real-time through the application. Users will also receive the reward in their accounts once the initial holding period completes (35-40 days).
The return rate is the one provided by the cryptocurrency exchange according to data gathered over the last 90 days.
Moreover, Coinbase explains that users will keep their funds safely stored on their account. Individuals can opt-out at any desired time.
Users that want to start staking Tezos have to purchase XTZ and they would start earning immediately after.
In addition to it, Coinbase informed that eligible customers can participate in the Coinbase Earn Tezos campaign by learning about this cryptocurrency and answering a few questions about it.
Coinbase is one of the largest and most recognized cryptocurrency companies in the market. During the last few years, the firm has been working in order to make cryptocurrencies more accessible to individuals all over the world.
Tezos is a multi-purpose platform that allows developers and users to deploy decentralized applications (dApps) and smart contracts. It combines a self-correcting protocol and also on-chain governance, which makes of it one of the most advanced digital currencies and blockchain networks in the market.
At the time of writing, Tezos is being traded around $1.14 and it has a market capitalization of $751 million.